For many millennials, needs and wants may seem like the same thing but, in reality, there is a very fine line between the two. Transgressing it may cost you a lot of money and you may even end up broke later in your life. Saving money and investing it is undoubtedly essential and drawing a line between wants and needs will help you here.

According to a recent research, millions of Brits are still financially illiterate. This makes it more essential than ever to differentiate between our wants and needs. Here is how the differentiation between the two will enable you to save money.

What is ‘Want’ and ‘Need’ By The Way?
It’s fairly easy to differentiate between the two. A need is something that is essential for your living. Things such as groceries, clothes and car are categorized as a need. On the contrary, a want is something that you can easily live without and is not essential in your daily life. Clothes are something we all need, but designer clothes is something many want despite the fact that unbranded clothing can very well do the same job at a lower price.

You’ll be conscious when shopping
You’ll save money by differentiating between your wants and needs by becoming a conscious shopper. You won’t just blow your money on any item that looks attractive on the shelves of the store, rather you will continuously evaluate those items and only put it in your shopping cart if they truly are necessary. This kind of mindset will save your hard earned money.

You will Take Budgeting Much More Seriously
If you are able to differentiate between the two then there is a high chance that you will develop a habit of making a budget for every month and stick to it. This budget will help you to refrain from unnecessary expenses and thus you’ll save some of your pounds.

You will Probably Become a Thrifty Person
Mind you we didn’t say a miser. A thrifty person is one who spends his money carefully and not wastefully. When you are successful in drawing a line between your needs and wants then you will probably think twice before buying a material item. This isn’t bad rather it is a quality that we believe every Brit should possess.

You won’t be fooled by a marketer anymore
Ads, commercials, billboards all trying to pitch you to buy a certain product would be of no use if you know what your true needs are. The marketing tactics won’t work on you and you will be able to save yourself and your money from spending it crazily.

So now, if we’ve convinced you that both needs and wants are not the same then it’s time that you keep it in mind when you go shopping or when you spend your money online. This will be beneficial for you in the long run as you will be able to save more money for bigger things that matter such as retirement plans and child education.

In January 2015, the Financial Conduct Authority released its new rules and regulations about payday loans. They introduced the rules to cope with the increasing national debt per capita, which had penetrated the roots of nation like an incurable disease. People were taking out payday loans to pay their bills and send their kids on vacation. However, after the new rules, payday lending fell surprisingly, counting to around 50% reduction in numbers specifically in England and Wales.

The effect of decrement in payday lending on overall debts has yet to be revealed. However, there could be a significant increment in guarantor loans, which is a safer way to lend money. In some circumstances, nothing works better than a guarantor loan. Following are some benefits and reasons to choose guarantor loans.
Benefits of a Guarantor Loan

1. The guarantor loans provide maximum coverage for guarantor categories. The only requirement is that the guarantor should be at least 21 years of age. You may ask your parents, colleagues, friends, and anyone else to become your guarantor.
2. A guarantor loan works like a payday loan, but in a securer manner. It is fast, responsive, short-term, and contains high interest.
3. Generally, a guarantor loan takes 3–6 repayments to repay the loan principal as well as the interest. Apart from its reduced stress, it is also reliable as the interest on principal does not multiply over the years, like other loans.

When You Need Limited Guarantee

A limited guarantee applies on a certain amount of the loan only. For example, your guarantor may provide your guarantee on 25% of the loan amount. A limited guarantee is required when you are eligible for smaller loan but you need extra loan amount to fulfil your need.

When You Have Bad Credit

Guarantor loan is an unsecured loan. When you apply for a guarantor loan, the lender considers your creditworthiness to evaluate the interest on principal. However, you may use the good credit score of your guarantor to negotiate with the lender and reduce the interest on principal.

When You Need a Home Loan without Equity

The lenders usually do not provide long-term home loans on guarantee. However, every lender works on their personalized policies, which means that you may find a lender who gives guarantor home loans. The borrower only needs to spend healthy amount of time in researching the market. In this case, you can get a home loan by using the home of your guarantor as equity. Remember that the lender may repossess the equity if you fail to repay the loan amount.

The lender becomes eligible to take the borrower or the guarantor to court if the borrower fails to repay the loan amount. However, it is important to evaluate your eligibility to repay the loan before taking it out. The borrower may also settle the case out of court in consent with the guarantor. You may also get consultation from Financial Conduct Authority in this regard.

Is your bad credit reducing your lending options? Are you in need for some quick cash and willing to keep your car as collateral? If you are, then you need to consider these tips before making any final decision. Logbook loans may sound attractive and safe. However, with extremely high interest rates and the chance to lose your vehicle, the risks are greater than the rewards.
Therefore, before you opt for a logbook loan, consider some of these alternative options.

1. Seek assistance from friends or family

One of the best and the safest lending options out there is to borrow from someone you know personally. Your friends and family know you and trust you. Borrowing from them has many advantages. Firstly, you can borrow at relatively low interests rates or no interest rates at all, although it’s better that the people who are helping you should make some profit out of the transaction. Another advantage is that you don’t have to go through the institutional processes of having to register for a loan. Just a written agreement will suffice.
Even though borrowing from friends and family is a safe option, you shouldn’t be too complaisant about paying them back. Losing a valuable relation in exchange for a small sum of money is a very bad bargain indeed.

2. Use a co-signer to secure a loan

If your friends or family do not have the cash to lend it to you, they can still help you in other ways. If they know you well enough and trust your ability to pay back the loan, they can co-sign the loan with you. This means that you can use their good credit to assure the lender and secure the loan on low interest rates.
Here too, you need to bear in mind an important consideration. When you borrow with the aid of a co-signer, the payment details are recorded on both your credit reports. This means that any lag on your part can ruin their good credit which allowed you to borrow in the first place.

3. If the banks don’t agree to lend, a credit union might

One of the best alternatives to borrowing from a bank is borrowing from a credit union. Credit unions are similar to banks, but the only difference is that they’re owned by the members. So, if you’re a member of a credit union in the UK, you can easily borrow around £100-1000 at significantly less interest rates than logbook loans.

4. Cash advances never fail

Another simple method to borrow money is to ask for a cash advance on your payroll from your employer. Some companies also offer employee loans at lower interest rates. If you have that facility, then go for it by all means. However, if not, you can ask for a cash advance from your next payroll.

5. Try peer to peer loans

Peer to peer lending is another, much more affordable, lending option. The difference, here, is that you’re borrowing from individuals instead of institutions. This leads to a significant reduction in interest rates compared to some of the other lending options. The average interest rates for a P2P loan falls somewhere between 6-10 percent. Compared to the 400 percent APR on logbook loans, it’s a much better option.

Banks and other types of financial institutions are created to serve as a helping hand to people in need of financial assistance, and they offer that help through various products and services. People have different requirements and banks therefore provide wide array of features, which are designed to satisfy the customers and make them come back. Naturally, banks charge fees for their services and therefore they need as much satisfied clients as possible.

What mean savings accounts?

Savings accounts are one of the products which is offered by almost any bank in the world, and this type of accounts is the classic service which perfectly describes the role and function of this financial institution. Since we live in a world which is governed by money we all need it, more or less, and money is sometimes needed in larger quantities than usual. Banks give out loans and credits when this type of events occur, but people like to have their own money ready for unexpected occasions. Since the down of humanity and the invention of money, people have saved their funds and used them for important event in their lives.

Nowadays, money is predominantly saved for buying a house, new car, or for college or retirement. Whatever the reason, people do not like to keep large amounts of money in their homes anymore, and they turn to banks for help, instead of stuffing their pillows with large volumes of cash like they did in the old days. Here you can see some tips on how to choose a saving account.

Why savings accounts are so popular?

The product which is usually offered to people who come asking for help from a bank is called a savings account, and this type of account is used by millions of people all over the world. Every bank is offering this product since it presents the ideal device to store the money at a safe place. People who want to save their funds choose this option because it is simple and efficient, and because the funds will grow with the passage of time.

This increase in the overall amount is attributed to interest rates, and they are periodical additions to client’s account payed by the bank. It can even be said that interest rates are payed as a kind of gratitude for keeping the money at the bank in question, but most clients are just happy to receive this extra boost and they do not think about the deeper meaning or the function of interests. However, it is important for most of them to have interest rates which are higher than inflation, and also that the savings will yield a return in the end.

Savings accounts are generally not created for frequent transactions and withdrawals, but the money on the account is still liquid and can be used when necessary. This makes them ideal for customers who would like to have a safe place for their funds, but who also prefer to have their money in their hands when they want to. When interest rates are included into the whole picture, it is easy to see why savings accounts are so popular.

Loan sharks are not a thing of the past, because they are present even now, in the age when online payday lenders exist. Main reason for taking a loan from a loan shark is due to lower interest rates ( they are still quite high ) they provide, and the fact that many online payday loans are made on the ground of frauds and their main goal is to get access to your credit card.

Loan Sharks at UK

In UK a research showed that around 175 000 people have debts to loan sharks. UK government has very strong law against this kind of business and you would think that they keep it in check, but reality is quite different. Even though payday lending of this level has strong connections to organized crime and it has a noticeable rate of serious violence involved people are still taking these kinds of loans. In some cases payday loans have legal background, but the number of such businesses is quite low compared to those illegal businesses. Main difference between these two is in law that binds creditor to follow the law and refrain from abusive and aggressive action in debt collection.

Loan Sharks at Ireland

It isn’t any better in Ireland, and some even think that it is worse due to numbers that surfaced. Between 100 000 and 350 000 loans given in Ireland broke the law. Government of this country is criticized due to their low efforts in protection of families with low income.

Loan Sharks at USA

USA has laws that allow payday lending, and those services are used by people who are unable to get a bank loan due to their financial position. These loans are on the edge between legal and illegal and their interest rates are very high. Many people call these businesses money sharks, due to their similarities with loan sharks of the past century. Only difference between then and now is the law that gives those loan sharks some rights. People are protected by that same law but that law binds them in repaying those loans, no matter how high the interest rate is. Some evidence showed that payday loans of today ( given by legit businesses ) have higher interest rates than payday loans that are given by organized crime syndicates.

Loan Sharks at Japan

Japan has strict interest rate laws in which maximum interest rate is 20 percent. But due to the situation in that country and low number of loans given by banks, payday lending has strong presence, and interest rate of those loans is between 30 and 50 percent.

Loan Sharks at Malaysia and Singapore

Malaysia and Singapore are plagued by Ah Long, which is their name for loan sharks. They are willing to do a lot in order to get their loans repaid. Beating customers, setting their property on fire, spraying pain which contains threats or signs that mark owners of those properties as debtors and so on. Those are just few examples that these loan sharks do, and most of them are effective in sending clear message to the indebted people.

The importance of saving and rational management of our funds is enormous. But not all people think like that and they do not engage in this type of activity. The mindsets of people are different, since one group believes that life is a sprint and the other one is prepared for a marathon. However, both of them are interested in hedonistic lifestyles and maximum enjoyment. These sometimes presents the main problem when it comes to savings. The additional effort of not spending the last dollar is too hard for some, while others do it easily, and this makes all the difference between a large savings account and an empty one.

However, there are some “rules” and instructions which are shared by experts. That should be applied by customers when it comes to the selection of their savings accounts. Most customers come to banks without even the basic knowledge of the topic. They blindly agree to all terms and conditions, even if some features of the service which they use from the bank may not be in the best interest of the customer. Banks are very skillful in sales and marketing. They manipulate people into buying their products every easily.

Savings accounts advantages

Savings accounts have several advantages over other types of accounts, but only if the customers know what is their purpose and use them accordingly. Savings accounts are not meant to be used on regular basis when it comes to transactions and withdrawals. They are only supposed to receive regular monthly additions to the total amount, and add interests as well. Interest rates are the main part of savings account. They basically serve as the primary function of this type of saving. They are especially important when savings reaches bigger numbers. The size of the interest rate is the first thing you should look for when choosing a bank to open a savings account. Higher interest rates will bring more money, and this simple concept summarizes the whole idea of interests in a nutshell.

How to find good bank?

Additionally, when looking for a good bank to start your savings account, people should always take a look at three main requirements which may appear when doing business with these financial institutions. Banks live of fees, and they charge their services just like any other company would, but some banks find other ways of making profit. They allow their customers to transfer money from savings accounts without fees. Also, some banks do not require monthly fees for maintenance and service of your savings account. Which is also very beneficial when it comes to accounts which are just recently started. Another element that may cause problems to some clients is the minimum balance requirement. This means that certain amount of money has to stay on the account and can be withdrawn only in special cases and with a lot more paperwork than it really should be.

Therefore, it is very important to choose banks and savings accounts which have no transaction fees and no monthly service fees, and to force yourself to deposit money regularly and not to use it very often.

Banks and other financial institutions offer various ways in which their clients can loan money. Clients use it as an immediate fix for some emergency or some larger project. Of course, later return the money by monthly installments dispersed over a longer period of time. Loans and credits are perhaps primary functions of banks, and banks provide different arrangements in order to satisfy all demands and to fulfill every possible need that their clients may have. Of course, banks are not doing this for free. They charge their services and asks a certain fee for almost every action they take. However, people usually do not have much choice and they have to take the loan under any circumstance. This is the position which banks exploit the most.

What it means guarantor loan?

One type of arrangements which they offer is particularly favorable to people who already had loans and credits but they failed to return the money in the appropriate manner. Those people are usually assigned with a label that says they have poor credit history. This low rating makes it impossible for them to apply and receive larger amounts or more affordable loans. However, the type of loans which they can get is called guarantor loan. This method is used all over the world and it attracts millions of people because of its simple and efficient nature. In this video you can find useful information about guarantor loan.

The role of the guarantor

Guarantor loans are based on the idea that the applicant has to have a person who will serve as a guarantee on his behalf, and who will potentially be able to “take over” the loan if the applicant is not able to provide regular payments. As we can see, the role of the guarantor is very important. Even though in reality most cases end without any actual interference from the person listed as a guarantor. Majority of loans are payed out by the applicant. But also cases where the guarantor has to pay the whole amount are present from time to time. Different reasons may prevent the person to payout his loan. But it is advisable to carefully select the person you will guarantee for. Since scams and malicious intentions are always possible.

The person who serves as a guarantor in this type of arrangement usually has to be a home-owner, and this is the only requirement with most banks. Guarantor loans are given on period of one to five years, and banks naturally charge interest rates for longer periods. Admittedly, interest rates are lower than in other types of loans, and banks generally do not charge arrangement fees when it comes to this kind of deals.

However, everything depends on a bank and its customer policy, so things may be different in your local financial institution of this type. Also, guarantor loans can be issued to persons who are not in full-time employment. This makes them perfect for students and part-timers, who are usually impeded from applying to other types of loans. Guarantor loans are affordable and flexible, which is perhaps the reason why they are so popular all over the world.

Money management as the name suggests, is the whole process related with managing ones money, how much do we earn, where we spend it, the priorities of spending it, saving it etc. The three basic steps related with money management involve setting goals, getting organized and tracking expenses.

A further complexity that involves in money management includes, making several decisions and dealing with problems that only money can solve, and those may include:

Payday loans are a type of loan that also affects the process of money management; it helps the lenders to allocate paychecks in order to meet monthly expenses and help where the paycheck falls short. Payday loan also help in dealing with emergencies that sometimes come before the paycheck does.

Money management Tips

Following are the ways through which quality payday loans info help in money management:

Evaluating cash flow

Making loan payments

Dealing with extra medical bills that could not be covered by current paycheck

Dealing with an unbudgeted expense.

Outstanding Service Utility Bills

Dealing with all kinds of unexpected payments

To understand the importance of keeping an emergency fund.

To help invest in business

Payday loans plays an important part in money management. The concept of money management leads to having money for all the budgeted expenses of a person. But payday helps where that money falls short or an unexpected expense has occurred that was neither planned nor a part of the monthly budget. Another part where payday loan helps in money management is that they are easier to get rid of. Once the paycheck for the next month arrives, it could be used to pay off the payday loan debt.

That being said, some people use payday loans for the wrong reasons and end up drowning in the debt. As much help as payday loans are in money management, they can also tip the scale on the wrong side. If used correctly and with proper planning then payday can assist a lot in managing expenses and income, it could actually become a source of more income if used wisely.

Did you know that the most widespread concern among the people is, believe it or not, economic stability? Yes it is – alongside the stress that we meet every day, economic problems often give us headaches. What if I only could tell you about the simple and secure carefree approach to your current financial potential? I’m thinking of payday loans, which is great method of gaining money when you are in a tight situation.

What is a payday loan?

An online payday loan is a specific amount of cash that you receive from financial institutions. The payment is based on your previous payrolls and employment records. The actual sum is ranging between $ 100 to be $ 1 500; the particular loan to a borrower is often granted until his or her next salary. In many cases, payday loans are used in urgent situations when you need cash but, for some reason, you don’t have it. That is the right time for payday loan. For example, if you come in the medical or legal difficulties, a cash payday loan could help you a lot to overcome the difficulty.

Fax less Cash Advance?

The Fax less Cash Advance – a certain amount of money will be given to you by a prestigious financial institution. The certification is not essential for accepting the mortgage. What is the most interesting (and the best thing at the same time) is that borrowing cash in this way does not require a lot of paperwork and unnecessary bureaucracy. If you have a clean and legit record of your employment, you will get the payday loan without any problems. Only thing you need to present is your payroll as a proof that you are employed – meaning that you will be able to repay the loan. These days, fax less loans are very popular among the online users.

Why would you get a fax less payday loans?

Each Fax less online payday loan could be described in the corresponding mode to a certain Fax less payday cash advance. The most obvious difference between the two (regular loan and fax less payday loan) is that you can receive your loan while you are at your home residence with your family. With the help of modern tools, it is likely to obtain the online fax less payday credits within minutes – you just have to wait for approval of the loan. Cash is available in 3 days in the worst case scenario.

Although some people need a lot of information, this method does not require a number of formalities. If you want to get a Fax less online payday loan, you need to fill up a simple online application, which will not take more than ten minutes. They usually ask for your name, surname, age, career information and of course for your phone number.

So thanks to the Internet and technology, we are able to receive the cash in urgent situations without hassle and tons of papers. If you ever find yourself in a tight situation where you need money, try payday loan – I’m sure you will be satisfied.